Advertisement
YOU ARE HERE: LAT HomeCollectionsInvestments

Market Savvy

Fund Group to Form Venture Capital Unit

March 23, 2000|Walter Hamilton

American Century mutual fund group is forming a venture capital unit to invest $100 million in companies developing technology for stock trading and other financial services.

The venture capital arm will be headed by Harold Bradley, American Century's senior vice president of strategic investments.

The fund group already has committed $38 million to several firms, including Archipelago Holdings and Optimark Technologies, whose trading systems compete against traditional stock markets.

Many other companies have formed venture capital units with the intent of cashing out at a quick profit when their offspring go public, Bradley said.

American Century plans to be a long-term investor, he said.

"We're really not focused on an exit strategy," Bradley said. "When we get in, we want to stay in."

Advertisement
Los Angeles Times Articles
|
|
|